Freeport-McMoRan Oil and Gas Royalty Trust Makes Announcement
HOUSTON--(BUSINESS WIRE)--April 5, 2001--Freeport-McMoRan Oil and Gas Royalty Trust (OTCBB:FMOLS) announced that for the month of January 2001 the Gross Proceeds exceeded the Class A costs by $1,274,575. As a result of the above, the Class A cost carry-forward has decreased to $17,345,399. The Working Interest Owner is entitled to recoup the cumulative carry-forward from future Gross Proceeds prior to making royalty payments to the Trust. In addition, net current month Trust administrative expenses of $57,362 were paid from the Trust administrative reserve resulting in $515,921 remaining in the expense reserve.
For the month, Gross Proceeds included oil and condensate revenues of approximately $983,631 and gas revenues of approximately $717,676 from sales volumes of 33,367 barrels and 116,237 mcf, respectively, net to the Trust's interest. Class A costs included $276,768 in operating and transportation costs and $18,073 in capital expenditure related to workover activities on West Cameron 498, net to the Trust's interest. Class A costs also included $131,891 in interest charges related to the Class A cost carry-forward. |
